Background The China Finance Review International is a flagship academic journal broadly covering the Chinese and international financial markets.The journal is founded by Antai College of Economics and Management at ...Background The China Finance Review International is a flagship academic journal broadly covering the Chinese and international financial markets.The journal is founded by Antai College of Economics and Management at Shanghai Jiao Tong University,one of the top universities in Asia.The China Finance Review International aims to publish quality empirical and theoretical works on important financial and economic issues in the profession.We encourage ground-breaking research related to new and niche areas in finance,such as Fintech and cryptos,ESG,climate finance,and socially responsible investments.We welcome critiques of existing literature and comparative analysis between emerging markets and developed economies.展开更多
This paper developed a comprehensive evaluation system that was able to quantify the levels of high-quality development across the cities within the Chengdu-Chongqing economic circle,and investigate the impact that di...This paper developed a comprehensive evaluation system that was able to quantify the levels of high-quality development across the cities within the Chengdu-Chongqing economic circle,and investigate the impact that digital finance had on the cities’high-quality development and the underlying mechanisms through which it achieved this.This comprehensive evaluation system was constructed using statistical data from these cities for the period 2014 to 2020 while also taking China’s high-quality development philosophy into account.The key findings revealed that:(a)Digital finance was able to significantly promote high-quality development in the Chengdu-Chongqing economic circle;(b)Digital finance had a significant positive effect in promoting innovative,coordinated,green,open,and shared development;(c)Digital finance was able to stimulate the high-quality development in the Chengdu-Chongqing economic circle by boosting entrepreneurial dynamism;(d)Digital finance had a significant impact on the high-quality development of the axis areas,while its impact was less discernible in non-axis areas.The insights from this research offer a deeper understanding of the factors that drive high-quality development,the role digital finance plays,and the mechanisms through which digital finance is able to propel high-quality development at the city cluster scale.展开更多
This paper explores the development logic,trends,and challenges of digital finance in the era of the digital economy.As a crucial component of the digital economy,digital finance has completely transformed the traditi...This paper explores the development logic,trends,and challenges of digital finance in the era of the digital economy.As a crucial component of the digital economy,digital finance has completely transformed the traditional financial services model through factors such as technological innovation,data intelligence,and personalized user experiences,paving the way for new business models and market opportunities.However,the rapid development of digital finance also faces challenges such as competition,security,and regulation.This paper emphasizes the importance of finding a balance between innovation and security in the development of digital finance and discusses the potential of digital finance in promoting financial inclusion and sustainable development.Through comprehensive analysis,this paper aims to provide valuable insights for academic researchers and industry practitioners,promoting the healthy development of digital finance.展开更多
Digital finance and green technology innovation(GTI)serve as powerful engines for promoting energy efficiency(EE)and economic development.This paper explores the mechanism by which digital finance impacts EE based on ...Digital finance and green technology innovation(GTI)serve as powerful engines for promoting energy efficiency(EE)and economic development.This paper explores the mechanism by which digital finance impacts EE based on panel data from 30 provinces in China spanning from 2011 to 2019.The results demonstrate that digital finance can significantly enhance EE,with a particularly pronounced effect in the eastern region.Through mechanistic analysis,it is evident that GTI serves as the transmission pathway through which digital finance influences EE,accounting for 45.3%of the effect.The policy implication of this study suggests that China should expedite the digitization of financial markets to further harness the development of digital finance,particularly in pursuit of its technological innovation and green,lowcarbon environmental protection effects.展开更多
With the rapid development of the social economy,the role of green finance in promoting the high-quality development of regional economies is increasing day by day.The advancement of green finance not only aids in fos...With the rapid development of the social economy,the role of green finance in promoting the high-quality development of regional economies is increasing day by day.The advancement of green finance not only aids in fostering the green transformation and upgrading of regional economies but also helps mitigate the risks of environmental damage stemming from traditional economic activities.In this new era,it is imperative to embrace the concept of green finance development and innovate green finance practices to further drive high-quality regional economic development.This paper will analyze the significance of green finance in regional economic development,assess the current state of green finance development,and propose optimization strategies for green finance to facilitate high-quality economic development.展开更多
China’s financial system is characterized by the coexistence of both formal and informal finance,and informal finance appears to be more prevalent in the south of the country compared to the north.In this paper,we us...China’s financial system is characterized by the coexistence of both formal and informal finance,and informal finance appears to be more prevalent in the south of the country compared to the north.In this paper,we use the historical demarcation of rice-farming regions and the percentage area of rice sown to ascertain the regional distribution of rice farming in the south and wheat farming in the north in order to analyze the role of rice farming in the evolution of different types of financial institutions in China.We find that rice cultivation has a positive effect on informal financial development,though its impact on formal finance is insignificant.Unlike wheat farming,rice cultivation requires farmers to collaborate during busy farming seasons and necessitates the construction of irrigation systems.Such collaboration helped enhance an acquaintance society,in which both parties to transactions enforced the rules and contract terms of their own initiative,paving the way for informal finance.This paper not only demonstrates the cultural roots of the regional financial disparities in China but also expands the research on the ways in which farming practices from the past have shaped the development of China’s present financial markets.展开更多
The United States passed the Better Utilization of Investment Leading to Development(BUILD Act),as a counterweight to China’s overseas development activities.Under the Act,the US established a new federal agency,the ...The United States passed the Better Utilization of Investment Leading to Development(BUILD Act),as a counterweight to China’s overseas development activities.Under the Act,the US established a new federal agency,the U.S.International Development Finance Corporation(DFC),to enhance U.S.development financing capabilities.To better understand the impact of the DFC on China’s development finance,this article analyzes the DFC’s purpose,functions,structure,and funding.Then it focuses on the purpose of establishing the DFC,providing a preliminary analysis of the potential motivation for its establishment.It also compares the China Development Bank(CDB)and the DFC based on their focused sectors.Finally,through an in-depth analysis of financial frictions in China-U.S.relations,this article argues that the DFC competes with China’s overseas development financing activities in the context of broader strategic competition between China and the U.S.展开更多
In the European Union(EU),the revised Payment Services Directive(PSD2)aims to provide more convenient and customized financial products through open banking(OB)platforms.However,little attention has been paid to the r...In the European Union(EU),the revised Payment Services Directive(PSD2)aims to provide more convenient and customized financial products through open banking(OB)platforms.However,little attention has been paid to the role of OB in improving the financial well-being of the growing number of the EU’s underserved groups,which currently constitute approximately a quarter of its population.This study examines how the PSD2 and OB impact inclusive finance in the EU based on the perspectives of the Netherlands’ecosystem,one of the leaders in the EU’s financial technology(FinTech)landscape.A fundamental distinction can be drawn between the OB users and the ecosystem’s players.Regarding the impact of financial services on the users’inclusivity,while the PSD2 strengthens the infrastructure necessary for financial inclusion,many challenges remain,mainly because it was not designed for this purpose.This study identifies several areas of improvement that include adjustments to the know your customer and anti-money laundering processes for underserved customers,innovative ways to communicate the PSD2’s potential,and the regulation of technology providers’activities to build trust.Meanwhile,from the ecosystem’s position,there is a need to strengthen and improve microfinance regulation according to the opportunities provided by the PSD2 to support microfinance institutions(MFIs)in scaling up and reaching underserved clients across borders with innovative services.OB improvements can also be achieved by organizations formed by MFIs and FinTechs in collaboration with banks.Such hybrid institutions will combine the best features of each of them:knowledge of the needs of local underserved clients from MFIs,technological innovations from FinTechs,and large and trusted customer bases,infrastructures,and access to institutional investments and governments from banks.Finally,an EU inclusive OB sector depends on the centrality of trusted regulators as coordination bodies.The PSD2 requires adjustments for underserved populations’specific needs.OB improvements can be achieved by organizations formed by MFIs and Fin-Techs in collaboration with banks.Regulated technical service providers(TSPs)are crucial to building trust and customer adoption in OB.The European Banking Authority(EBA)may function as coordination body to design inclusive rules by engaging with OB stakeholders.As inclusive finance moves into open-finance and data eras,an increasing regulatory complexity and scope will require networks of innovative and trusted regulators.展开更多
According to the Report to the 20^(th) CPC National Congress,delivering common prosperity for all the people is an intrinsic requirement of Chinese modernization.Based on China Household Finance Survey(CHFS)data from ...According to the Report to the 20^(th) CPC National Congress,delivering common prosperity for all the people is an intrinsic requirement of Chinese modernization.Based on China Household Finance Survey(CHFS)data from 2015 to 2019,this study examines the effects of inclusive finance on China’s household income disparities and demonstrates how inclusive finance contributes to shared prosperity.Our empirical research reveals that inclusive finance has significantly decreased the income disparities between Chinese households.Inclusive finance has significantly increased the income levels of households below the 40^(th) percentile,making it more likely for them to move above the 40^(th) percentile of incomes,which is conducive to delivering common prosperity.Our analysis indicates that inclusive finance will reduce income disparities by assisting low-income households in starting a business and by promoting rural household employment.Reflecting its inclusive nature,further investigation reveals that inclusive finance has a greater positive impact on the income level of vulnerable households.Our research offers new evidence for comprehending the role of inclusive finance and a new interpretation of income disparities,with policy implications for accelerating Chinese modernization.展开更多
Under the background of new liberal arts,the problems existing in the teaching process of Finance were re-examined.For instance,the setting of teaching objectives does not meet the requirements of construction of new ...Under the background of new liberal arts,the problems existing in the teaching process of Finance were re-examined.For instance,the setting of teaching objectives does not meet the requirements of construction of new liberal arts,and teaching content emphasizes theory;teaching method is single,and teaching assessment is not reasonable.It is proposed that the curriculum reform should be carried out from five dimensions:teaching objective,teaching content,teaching method,practice system and teaching evaluation,so as to meet the requirements of construction of new liberal arts.展开更多
Based on provincial panel data in China from 2008 to 2019, this research takes the issuance of China's green bond as a quasi-natural experiment to explore whether China's regional green finance development pro...Based on provincial panel data in China from 2008 to 2019, this research takes the issuance of China's green bond as a quasi-natural experiment to explore whether China's regional green finance development promotes local green innovation by using the multi-period DID model. The results show that the regional green financial development can promote local green innovation, and the rapid growth of the green bond market driven by policy does improve environmental sound technology innovation. The promotion of regional green finance development to local green innovation is related to the funds allocation of green credit,but not to the issuance scale of green bonds, according to further analysis, because China's development pattern can lead to a lack of endogenous market power and low credit resource allocation efficiency. In addition, the issuance of green bonds can effectively promote the allocation of green credit funds, thus enhancing the local green innovation level, but it can't reduce local carbon emissions through promoting green innovation. Therefore, the government should strengthen the green finance implementation assessment mechanism, taking into account the heterogeneity of regions and enterprises, complete the green finance monitoring and disclosure system, and increase the rate of green technology conversion.展开更多
By studying high-quality development process of Henan agriculture and rural areas empowered by digital inclusive finance,it is found that the construction of digital financial infrastructure in Henan Province is relat...By studying high-quality development process of Henan agriculture and rural areas empowered by digital inclusive finance,it is found that the construction of digital financial infrastructure in Henan Province is relatively complete,and the level of deposit and loan of rural enterprises and farmers is constantly improving,and the market and government are constantly upgrading the financial risk insurance compensation mechanism.At the same time,there are also problems such as insufficient demand and supply of digital finance,single digital financial products,and weak market supervision.Based on this,some implementation paths are proposed,such as continuing to strengthen the construction of rural financial infrastructure in Henan Province,improving farmers’financial literacy,and enriching digital financial products and services.The government should continue to improve the construction of market system,and broaden the market supervision and management,to actively promote the digitalization of agricultural finance to enable the high-quality development of agriculture and rural areas in Henan Province.展开更多
Currently,the World Bank is carrying out a new round of reforms for climate finance.In December 2022,the World Bank released the Evolutionary Roadmap(the Roadmap),in which the proposed climate finance reform program w...Currently,the World Bank is carrying out a new round of reforms for climate finance.In December 2022,the World Bank released the Evolutionary Roadmap(the Roadmap),in which the proposed climate finance reform program was introduced.In February 2023,then President Malpas,a climate change skeptic,announced that he was stepping down from his post,and Ajay Banga,a former advisor to the Climate Investment Funds(CIFs).展开更多
In China,the integration of digital technology and finance has gradually formed a digital supply mode of inclusive finance,which alleviates the financing limitations of small and medium-sized businesses to a certain e...In China,the integration of digital technology and finance has gradually formed a digital supply mode of inclusive finance,which alleviates the financing limitations of small and medium-sized businesses to a certain extent and is significant for enterprise innovation activities that need financial support.Under the National Innovation-driven Development Strategy,it is particularly meaningful to evaluate whether digital inclusive finance can foster company innovation.This article empirically evaluates the impact of digital inclusive finance on firm innovation and development using data from all listed companies on the Shanghai Stock Exchange and Shenzhen Stock Exchange from 2011 to 2018 together with the city level digital inclusive finance index.The result shows how digital inclusive financing may support businesses’innovative processes,and its role in promoting innovation differs among enterprises of different scales,but such heterogeneity effect can be absorbed by industry effect and time effect.The result of this paper sheds lights on the role of digital inclusive finance in improving enterprise performance by solving the financing dilemma of them,and according to the empirical results,this paper suggests that the support for digital inclusive finance should be further improved in order to promote the good and healthy development of the real economy,which refers to the part of a country’s economy that produces goods and services,rather than the part that consists of financial services such as banks and stock markets.展开更多
In September 2020,Chinese President Xi Jinping solemnly announced the goal of“carbon peaking and carbon neutrality”.Carbon neutrality and green transition requires not only political promotion and fiscal support,but...In September 2020,Chinese President Xi Jinping solemnly announced the goal of“carbon peaking and carbon neutrality”.Carbon neutrality and green transition requires not only political promotion and fiscal support,but also social capital investment in green industries.Green financing is also an effective way to promote the low-carbon development of China’s energy companies.In this paper,on the basis of defining green finance,we reviewed the policies of green finance in China,described various tools of green finance,summarized green finance business of energy companies,and made case studies.This research combined macro policy and market,and micro industry and enterprise.展开更多
The China-Singapore(Chongqing)Connectivity Initiative Financial Summit is a landmark achievement of China-Singapore cooperation.The fifth edition was held in Chongqing and Singapore simultaneously on April 20.Twelve m...The China-Singapore(Chongqing)Connectivity Initiative Financial Summit is a landmark achievement of China-Singapore cooperation.The fifth edition was held in Chongqing and Singapore simultaneously on April 20.Twelve main activities and nine themed activities took place with focus on China-Singapore financial cooperation,Belt and Road cooperation,and other issues.At a sub-forum on“promoting reform and innovation in green finance for green and low-carbon development,”financial experts from China and ASEAN countries shared their wisdom and philosophies with the audience.展开更多
Internet finance has structural impact and market impact on commercial banking.Various forms of Internet finance such as third-party payment,crowdfunding,P2P lending,and internet money funds have emerged.Due to their ...Internet finance has structural impact and market impact on commercial banking.Various forms of Internet finance such as third-party payment,crowdfunding,P2P lending,and internet money funds have emerged.Due to their low cost,high efficiency,and diversification characteristics,an increasing number of people are utilizing Internet finance for their businesses.This trend significantly affects traditional commercial banking operations and presents challenges.In order to gain competitive advantages through Internet finance,this paper explores how commercial banks can leverage their traditional business models.It introduces the concept,model,and characteristics of Internet finance;analyzes the importance of asset management for commercial banks;examines the influence of Internet on commercial bank’s asset management;finally proposes countermeasures for the development of Internet finance.It is advocated that commercial banks should actively explore the road of“structured finance”with all-round structural reform in the future.展开更多
In recent years,internet finance has garnered increasing attention from the public.Online lending,emerging within the framework of Internet finance as a pivotal component,has witnessed substantial growth.While online ...In recent years,internet finance has garnered increasing attention from the public.Online lending,emerging within the framework of Internet finance as a pivotal component,has witnessed substantial growth.While online credit,within the realm of Internet finance,presents numerous advantages over traditional lending,it concurrently exposes a plethora of credit risk issues.This study aims to facilitate the effective utilization of online credit tools by the young generation within the context of Internet finance.Additionally,it seeks to ensure the overall stability of the Internet finance environment and mitigate risks for the youth.Given the significance of understanding credit risk management for college students in the age of internet finance,this paper adopts the logistic model to evaluate credit risk in internet consumer finance and provides pertinent recommendations from the perspective of the young generation.展开更多
Enterprises can enhance their financial management by integrating their business and financial departments,facilitating the seamless sharing of information and resources.This integrated management model not only aids ...Enterprises can enhance their financial management by integrating their business and financial departments,facilitating the seamless sharing of information and resources.This integrated management model not only aids in lowering operating costs but also boosts market competitiveness.In the contemporary,highly competitive business landscape,the amalgamation of business and finance has become a prerequisite for corporate development.This article delves into the significance of industry-finance integration in corporate financial management,scrutinizes existing challenges in corporate financial management,and puts forth tailored solutions to optimize the overall system.展开更多
The enhancement of industrial green total factor productivity is pivotal for achieving high-quality and sustainable economic development.This study assesses China’s performance using the SBM-GML model,employing provi...The enhancement of industrial green total factor productivity is pivotal for achieving high-quality and sustainable economic development.This study assesses China’s performance using the SBM-GML model,employing province-level panel data spanning from 2004 to 2020.Furthermore,we examine the influence of green finance and technological progress on industrial green total factor productivity using a spatial econometric model.The findings uncover that the relationship between the level of green financial development and industrial green total factor productivity follows a U-shaped curve.Initially,low levels of green financial development exert a suppressive effect on industrial green total factor productivity,proving ineffective in the short term.However,with the progression of green finance development,a positive and significant long-term impact on industrial green total factor productivity emerges.Moreover,technological progress demonstrates a noteworthy promotional effect on industrial green total factor productivity.The analysis delves deeper into revealing that industrial structure and environmental regulation intensity exhibit a significant negative relationship with industrial green total factor productivity.In contrast,both energy structure and education level showcase a substantial positive relationship with industrial green total factor productivity.展开更多
文摘Background The China Finance Review International is a flagship academic journal broadly covering the Chinese and international financial markets.The journal is founded by Antai College of Economics and Management at Shanghai Jiao Tong University,one of the top universities in Asia.The China Finance Review International aims to publish quality empirical and theoretical works on important financial and economic issues in the profession.We encourage ground-breaking research related to new and niche areas in finance,such as Fintech and cryptos,ESG,climate finance,and socially responsible investments.We welcome critiques of existing literature and comparative analysis between emerging markets and developed economies.
文摘This paper developed a comprehensive evaluation system that was able to quantify the levels of high-quality development across the cities within the Chengdu-Chongqing economic circle,and investigate the impact that digital finance had on the cities’high-quality development and the underlying mechanisms through which it achieved this.This comprehensive evaluation system was constructed using statistical data from these cities for the period 2014 to 2020 while also taking China’s high-quality development philosophy into account.The key findings revealed that:(a)Digital finance was able to significantly promote high-quality development in the Chengdu-Chongqing economic circle;(b)Digital finance had a significant positive effect in promoting innovative,coordinated,green,open,and shared development;(c)Digital finance was able to stimulate the high-quality development in the Chengdu-Chongqing economic circle by boosting entrepreneurial dynamism;(d)Digital finance had a significant impact on the high-quality development of the axis areas,while its impact was less discernible in non-axis areas.The insights from this research offer a deeper understanding of the factors that drive high-quality development,the role digital finance plays,and the mechanisms through which digital finance is able to propel high-quality development at the city cluster scale.
文摘This paper explores the development logic,trends,and challenges of digital finance in the era of the digital economy.As a crucial component of the digital economy,digital finance has completely transformed the traditional financial services model through factors such as technological innovation,data intelligence,and personalized user experiences,paving the way for new business models and market opportunities.However,the rapid development of digital finance also faces challenges such as competition,security,and regulation.This paper emphasizes the importance of finding a balance between innovation and security in the development of digital finance and discusses the potential of digital finance in promoting financial inclusion and sustainable development.Through comprehensive analysis,this paper aims to provide valuable insights for academic researchers and industry practitioners,promoting the healthy development of digital finance.
文摘Digital finance and green technology innovation(GTI)serve as powerful engines for promoting energy efficiency(EE)and economic development.This paper explores the mechanism by which digital finance impacts EE based on panel data from 30 provinces in China spanning from 2011 to 2019.The results demonstrate that digital finance can significantly enhance EE,with a particularly pronounced effect in the eastern region.Through mechanistic analysis,it is evident that GTI serves as the transmission pathway through which digital finance influences EE,accounting for 45.3%of the effect.The policy implication of this study suggests that China should expedite the digitization of financial markets to further harness the development of digital finance,particularly in pursuit of its technological innovation and green,lowcarbon environmental protection effects.
文摘With the rapid development of the social economy,the role of green finance in promoting the high-quality development of regional economies is increasing day by day.The advancement of green finance not only aids in fostering the green transformation and upgrading of regional economies but also helps mitigate the risks of environmental damage stemming from traditional economic activities.In this new era,it is imperative to embrace the concept of green finance development and innovate green finance practices to further drive high-quality regional economic development.This paper will analyze the significance of green finance in regional economic development,assess the current state of green finance development,and propose optimization strategies for green finance to facilitate high-quality economic development.
基金sponsorships from the National Natural Science Foundation of China(Grant No.72273075,71703080)the MOE(Ministry of Education in China)Liberal Arts and Social Sciences Foundation(Grant No.21YJC790156)+2 种基金the Major Project of the Guangxi Academy for the Chinese National Community Awareness(Grant No.2020GXMGY0103)the General Project of the Provincial Natural Science Foundation of Shandong Province(Grant No.ZR2020MG063)the Qilu Young Scholars Program and Young Scholars Future Plan of Shandong University.
文摘China’s financial system is characterized by the coexistence of both formal and informal finance,and informal finance appears to be more prevalent in the south of the country compared to the north.In this paper,we use the historical demarcation of rice-farming regions and the percentage area of rice sown to ascertain the regional distribution of rice farming in the south and wheat farming in the north in order to analyze the role of rice farming in the evolution of different types of financial institutions in China.We find that rice cultivation has a positive effect on informal financial development,though its impact on formal finance is insignificant.Unlike wheat farming,rice cultivation requires farmers to collaborate during busy farming seasons and necessitates the construction of irrigation systems.Such collaboration helped enhance an acquaintance society,in which both parties to transactions enforced the rules and contract terms of their own initiative,paving the way for informal finance.This paper not only demonstrates the cultural roots of the regional financial disparities in China but also expands the research on the ways in which farming practices from the past have shaped the development of China’s present financial markets.
文摘The United States passed the Better Utilization of Investment Leading to Development(BUILD Act),as a counterweight to China’s overseas development activities.Under the Act,the US established a new federal agency,the U.S.International Development Finance Corporation(DFC),to enhance U.S.development financing capabilities.To better understand the impact of the DFC on China’s development finance,this article analyzes the DFC’s purpose,functions,structure,and funding.Then it focuses on the purpose of establishing the DFC,providing a preliminary analysis of the potential motivation for its establishment.It also compares the China Development Bank(CDB)and the DFC based on their focused sectors.Finally,through an in-depth analysis of financial frictions in China-U.S.relations,this article argues that the DFC competes with China’s overseas development financing activities in the context of broader strategic competition between China and the U.S.
基金Financial Inclusion through Digitalisation in Europe]research project.SFIDE is funded by The European Investment Bank Institute,EIBURS research grant(2020-22)on the theme“Building the future of inclusive finance:the role of FinTechs and digitalisation”.The funding body had no role in the design of the study,collection,analysis,and interpretation of data,as well as in writing or revising the manuscript.
文摘In the European Union(EU),the revised Payment Services Directive(PSD2)aims to provide more convenient and customized financial products through open banking(OB)platforms.However,little attention has been paid to the role of OB in improving the financial well-being of the growing number of the EU’s underserved groups,which currently constitute approximately a quarter of its population.This study examines how the PSD2 and OB impact inclusive finance in the EU based on the perspectives of the Netherlands’ecosystem,one of the leaders in the EU’s financial technology(FinTech)landscape.A fundamental distinction can be drawn between the OB users and the ecosystem’s players.Regarding the impact of financial services on the users’inclusivity,while the PSD2 strengthens the infrastructure necessary for financial inclusion,many challenges remain,mainly because it was not designed for this purpose.This study identifies several areas of improvement that include adjustments to the know your customer and anti-money laundering processes for underserved customers,innovative ways to communicate the PSD2’s potential,and the regulation of technology providers’activities to build trust.Meanwhile,from the ecosystem’s position,there is a need to strengthen and improve microfinance regulation according to the opportunities provided by the PSD2 to support microfinance institutions(MFIs)in scaling up and reaching underserved clients across borders with innovative services.OB improvements can also be achieved by organizations formed by MFIs and FinTechs in collaboration with banks.Such hybrid institutions will combine the best features of each of them:knowledge of the needs of local underserved clients from MFIs,technological innovations from FinTechs,and large and trusted customer bases,infrastructures,and access to institutional investments and governments from banks.Finally,an EU inclusive OB sector depends on the centrality of trusted regulators as coordination bodies.The PSD2 requires adjustments for underserved populations’specific needs.OB improvements can be achieved by organizations formed by MFIs and Fin-Techs in collaboration with banks.Regulated technical service providers(TSPs)are crucial to building trust and customer adoption in OB.The European Banking Authority(EBA)may function as coordination body to design inclusive rules by engaging with OB stakeholders.As inclusive finance moves into open-finance and data eras,an increasing regulatory complexity and scope will require networks of innovative and trusted regulators.
基金sponsored by the Major Project of the National Social Sciences Fund of China(NSSFC)“Measurement,Causes and Spillovers of China’s Household Economic Risks”(21andZD087).
文摘According to the Report to the 20^(th) CPC National Congress,delivering common prosperity for all the people is an intrinsic requirement of Chinese modernization.Based on China Household Finance Survey(CHFS)data from 2015 to 2019,this study examines the effects of inclusive finance on China’s household income disparities and demonstrates how inclusive finance contributes to shared prosperity.Our empirical research reveals that inclusive finance has significantly decreased the income disparities between Chinese households.Inclusive finance has significantly increased the income levels of households below the 40^(th) percentile,making it more likely for them to move above the 40^(th) percentile of incomes,which is conducive to delivering common prosperity.Our analysis indicates that inclusive finance will reduce income disparities by assisting low-income households in starting a business and by promoting rural household employment.Reflecting its inclusive nature,further investigation reveals that inclusive finance has a greater positive impact on the income level of vulnerable households.Our research offers new evidence for comprehending the role of inclusive finance and a new interpretation of income disparities,with policy implications for accelerating Chinese modernization.
基金Supported by the Phased Achievements of the Teaching Research Project of Yangtze University in 2022(Study on the Teaching Reform and Practice of Finance under the Background of New Liberal Arts)Phased Achievements of the Teaching Research Project of Yangtze University in 2021(Study on the Construction Model of"First-class Undergraduate Courses"in Provincial Universities:A Case Study of"Monetary Banking"of Yangtze University,JY2021038)+1 种基金Phased Achievements of the Teaching Research Project of Yangtze University in 2020(Study on the Hybrid Teaching Method of Public Elective Courses in Universities Based on MOOCs:A Case Study of Marketing,JY2020029)Phased Achievements of the Teaching Research Project of Yangtze University in 2021(Research and Practice of Integrating Innovation and Entrepreneurship Education into Talent Training for Agricultural and Forestry Economic Management Major,JY2021010).
文摘Under the background of new liberal arts,the problems existing in the teaching process of Finance were re-examined.For instance,the setting of teaching objectives does not meet the requirements of construction of new liberal arts,and teaching content emphasizes theory;teaching method is single,and teaching assessment is not reasonable.It is proposed that the curriculum reform should be carried out from five dimensions:teaching objective,teaching content,teaching method,practice system and teaching evaluation,so as to meet the requirements of construction of new liberal arts.
基金supported by Hebei Province Philosophy and Social Science Project (Grant No.HB22YJ021)Hebei Province Social Science Development Research Project (Grant No.20220202156)。
文摘Based on provincial panel data in China from 2008 to 2019, this research takes the issuance of China's green bond as a quasi-natural experiment to explore whether China's regional green finance development promotes local green innovation by using the multi-period DID model. The results show that the regional green financial development can promote local green innovation, and the rapid growth of the green bond market driven by policy does improve environmental sound technology innovation. The promotion of regional green finance development to local green innovation is related to the funds allocation of green credit,but not to the issuance scale of green bonds, according to further analysis, because China's development pattern can lead to a lack of endogenous market power and low credit resource allocation efficiency. In addition, the issuance of green bonds can effectively promote the allocation of green credit funds, thus enhancing the local green innovation level, but it can't reduce local carbon emissions through promoting green innovation. Therefore, the government should strengthen the green finance implementation assessment mechanism, taking into account the heterogeneity of regions and enterprises, complete the green finance monitoring and disclosure system, and increase the rate of green technology conversion.
文摘By studying high-quality development process of Henan agriculture and rural areas empowered by digital inclusive finance,it is found that the construction of digital financial infrastructure in Henan Province is relatively complete,and the level of deposit and loan of rural enterprises and farmers is constantly improving,and the market and government are constantly upgrading the financial risk insurance compensation mechanism.At the same time,there are also problems such as insufficient demand and supply of digital finance,single digital financial products,and weak market supervision.Based on this,some implementation paths are proposed,such as continuing to strengthen the construction of rural financial infrastructure in Henan Province,improving farmers’financial literacy,and enriching digital financial products and services.The government should continue to improve the construction of market system,and broaden the market supervision and management,to actively promote the digitalization of agricultural finance to enable the high-quality development of agriculture and rural areas in Henan Province.
文摘Currently,the World Bank is carrying out a new round of reforms for climate finance.In December 2022,the World Bank released the Evolutionary Roadmap(the Roadmap),in which the proposed climate finance reform program was introduced.In February 2023,then President Malpas,a climate change skeptic,announced that he was stepping down from his post,and Ajay Banga,a former advisor to the Climate Investment Funds(CIFs).
文摘In China,the integration of digital technology and finance has gradually formed a digital supply mode of inclusive finance,which alleviates the financing limitations of small and medium-sized businesses to a certain extent and is significant for enterprise innovation activities that need financial support.Under the National Innovation-driven Development Strategy,it is particularly meaningful to evaluate whether digital inclusive finance can foster company innovation.This article empirically evaluates the impact of digital inclusive finance on firm innovation and development using data from all listed companies on the Shanghai Stock Exchange and Shenzhen Stock Exchange from 2011 to 2018 together with the city level digital inclusive finance index.The result shows how digital inclusive financing may support businesses’innovative processes,and its role in promoting innovation differs among enterprises of different scales,but such heterogeneity effect can be absorbed by industry effect and time effect.The result of this paper sheds lights on the role of digital inclusive finance in improving enterprise performance by solving the financing dilemma of them,and according to the empirical results,this paper suggests that the support for digital inclusive finance should be further improved in order to promote the good and healthy development of the real economy,which refers to the part of a country’s economy that produces goods and services,rather than the part that consists of financial services such as banks and stock markets.
文摘In September 2020,Chinese President Xi Jinping solemnly announced the goal of“carbon peaking and carbon neutrality”.Carbon neutrality and green transition requires not only political promotion and fiscal support,but also social capital investment in green industries.Green financing is also an effective way to promote the low-carbon development of China’s energy companies.In this paper,on the basis of defining green finance,we reviewed the policies of green finance in China,described various tools of green finance,summarized green finance business of energy companies,and made case studies.This research combined macro policy and market,and micro industry and enterprise.
文摘The China-Singapore(Chongqing)Connectivity Initiative Financial Summit is a landmark achievement of China-Singapore cooperation.The fifth edition was held in Chongqing and Singapore simultaneously on April 20.Twelve main activities and nine themed activities took place with focus on China-Singapore financial cooperation,Belt and Road cooperation,and other issues.At a sub-forum on“promoting reform and innovation in green finance for green and low-carbon development,”financial experts from China and ASEAN countries shared their wisdom and philosophies with the audience.
文摘Internet finance has structural impact and market impact on commercial banking.Various forms of Internet finance such as third-party payment,crowdfunding,P2P lending,and internet money funds have emerged.Due to their low cost,high efficiency,and diversification characteristics,an increasing number of people are utilizing Internet finance for their businesses.This trend significantly affects traditional commercial banking operations and presents challenges.In order to gain competitive advantages through Internet finance,this paper explores how commercial banks can leverage their traditional business models.It introduces the concept,model,and characteristics of Internet finance;analyzes the importance of asset management for commercial banks;examines the influence of Internet on commercial bank’s asset management;finally proposes countermeasures for the development of Internet finance.It is advocated that commercial banks should actively explore the road of“structured finance”with all-round structural reform in the future.
文摘In recent years,internet finance has garnered increasing attention from the public.Online lending,emerging within the framework of Internet finance as a pivotal component,has witnessed substantial growth.While online credit,within the realm of Internet finance,presents numerous advantages over traditional lending,it concurrently exposes a plethora of credit risk issues.This study aims to facilitate the effective utilization of online credit tools by the young generation within the context of Internet finance.Additionally,it seeks to ensure the overall stability of the Internet finance environment and mitigate risks for the youth.Given the significance of understanding credit risk management for college students in the age of internet finance,this paper adopts the logistic model to evaluate credit risk in internet consumer finance and provides pertinent recommendations from the perspective of the young generation.
文摘Enterprises can enhance their financial management by integrating their business and financial departments,facilitating the seamless sharing of information and resources.This integrated management model not only aids in lowering operating costs but also boosts market competitiveness.In the contemporary,highly competitive business landscape,the amalgamation of business and finance has become a prerequisite for corporate development.This article delves into the significance of industry-finance integration in corporate financial management,scrutinizes existing challenges in corporate financial management,and puts forth tailored solutions to optimize the overall system.
基金General Research Fund of Philosophy and Social Sciences in Colleges and Universities of Jiangsu Province in 2020(Grant Number 2020SJA1008)Fundamental Research Funds for the Central Universities(Grant Number 2023SK04)。
文摘The enhancement of industrial green total factor productivity is pivotal for achieving high-quality and sustainable economic development.This study assesses China’s performance using the SBM-GML model,employing province-level panel data spanning from 2004 to 2020.Furthermore,we examine the influence of green finance and technological progress on industrial green total factor productivity using a spatial econometric model.The findings uncover that the relationship between the level of green financial development and industrial green total factor productivity follows a U-shaped curve.Initially,low levels of green financial development exert a suppressive effect on industrial green total factor productivity,proving ineffective in the short term.However,with the progression of green finance development,a positive and significant long-term impact on industrial green total factor productivity emerges.Moreover,technological progress demonstrates a noteworthy promotional effect on industrial green total factor productivity.The analysis delves deeper into revealing that industrial structure and environmental regulation intensity exhibit a significant negative relationship with industrial green total factor productivity.In contrast,both energy structure and education level showcase a substantial positive relationship with industrial green total factor productivity.
